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Bytom (Cryptocurrency)

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Bytom is an interactive protocol of multiple byte assets. Heterogeneous byte-assets (indigenous digital currency, digital assets) that operate in different forms on the Bytom Blockchain and atomic assets (warrants, securities, dividends, bonds, intelligence information, forecasting information and other information that exist in the physical world) can be registered, exchanged, gambled and engaged in other more complicated and contract-based interoperations via Bytom. [3]​

A model of the Bytom (BTM) Sidechain

Bytom is an inter-operation platform for byte assets. To operate on-chain assets on Bytom, developers can create a version of sidechain like the “XRelay”. The “XRelay” works similar to BTC Relay. Developers can connect to API of XRelay using the smart contract to verify the network activities. This way cross-chain communications can complete dividend and transaction distributions contained within a contract.

Bytom also supports multiple types of digital assets. Each asset has an asset ID for identification. The asset ID is based on the ODIN protocol and used to confirm the category of the asset and kept into two categories: the Bytom token (BTM) and other digital assets. The BTM is the native currency used by the Bytom blockchain. It is a token distributed to participants and miners in the ecosystem. The BTM token encourages miners to join the system in an anonymously and randomly. The BTM can be used for:

Dividends of income assets

Cost of asset transaction and

Deposits for asset issuance.

Bytom consists of 3 layers which are the contract layer, the data transmission and transaction layer and the asset interaction layer. It is compatible with the National Encryption Standard. The operation of Bytom and asset management involves public key, address system and private key achieved through SHA 256 and ESCDA encryption’. [4]​

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